Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Luckin Co-Founders Hand Over Shares to Lenders After Defaulting on Half Billion Dollar Loan
Huawei Pay Debuts in Singapore
Credit Suisse Drops Off WeDoctor’s Planned Hong Kong IPO
LATEST
China Gives Final Key Approval for German Chip Giant Infineon to Buy U.S. Rival
Japan Emergency Decree Shuts Headquarters, Nintendo Flagship
Tencent Becomes Majority Shareholder in Chinese Game Live-Streamer Huya
Luckin Co-Founders Hand Over Shares to Lenders After Defaulting on Half Billion Dollar Loan
Huawei Pay Debuts in Singapore
Credit Suisse Drops Off WeDoctor’s Planned Hong Kong IPO
Subsidies for Residential Solar Projects Slashed but Capacity Still Set to Grow
58.com Shares Jump on Buyout Offer
Toyota and BYD Launch EV Joint Venture in China
Alibaba’s Lazada Briefly Stops New Singapore Grocery Orders
Data from Alipay Shows Signs of Consumption Returning as Some Virus Restrictions Eased
Countries Across the World Start to Suspend Food Exports to Secure Domestic Supplies
SASAC Gives Birth to New Asset Manager
China Mobile and Ubitus Team Up to Attract 5G Gaming Subscribers
China Weighs Cuts to Electric-Car Subsidies It Just Extended
Carmaker BYD Profit Plunges in 2019
Huawei and ZTE Win Nearly 90% of China Mobile’s Latest 5G Contracts
Cash-Burning Pinduoduo Raises $1.1 Billion to Finance Growth
Tesla’s Spoiled End-of-Quarter Push Does a Number on Deliveries
Huawei Revenue Growth in 2019 Defies U.S. Sanctions
Oracle China to Terminate at Least 900 People, Reports Say

By Isabelle Li / May 08, 2019 02:46 AM / Business & Tech

Photo: VCG

Photo: VCG

Oracle's China Development Center (CDC) plans to dismiss more than 900 people, among them at least 500 from its Beijing development center, in a possible prelude to shutting down the operation, local media reported Tuesday.

According to reports by multiple Chinese news outlets, the multinational tech company announced the job cuts to Chinese employees in a telephone conference Tuesday morning. A first round of reductions will affect at least 900 of the operation’s 1,600 employees, while a second round is likely to come in July, media reports said.

The decision is part of a global retrenchment as the tech giant falls behind in cloud computing and tries to transform its business. The potential closure of CDC would be carried out in steps, according to people with knowledge of the matter.

The first group being dismissed will get severance pay for the number of months matching their number of years of employment plus six months, according to the media reports. But they must sign termination agreements by May 22, which would make their stock options invalid as most of them won't vest until June.

Related: In-Depth: A Winter Storm Looms for China’s Tech Sector


Share this article
Open WeChat and scan the QR code